The UK’s HM Revenue and Customs (HMRC) on March 31 published draft guidance describing new rules that will require large companies, partnerships, and multinational groups to annually publish their UK tax strategy.
The new compliance obligation, expected to affect about 2,000 businesses, is set to become operational once Finance Bill 2016 receives Royal Assent, expected this summer.
Affected businesses must disclose on the Internet their approach to risk management and governance arrangements in relation to UK taxation, their attitude towards tax planning as it relates to UK taxation, the level of risk in relation to UK taxation that the business prepared to accept, and the businesses’ approach to dealing with HMRC.
There is no requirement to publish the amount of UK tax paid. The information must remain on the Internet until the following year’s strategy is published.
The draft also details penalties to be imposed for noncompliance with the new rules.
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